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Apple recently took the top spot ahead of the fellow tech giant Google and former number one Coca-Cola as the most valuable brand in the world. The news comes in from Interbrand’s annual “Best Global Brands” report for 2013. The brand consulting firm based out of New York estimated Apple’s brand valuation for 2013 hit $98.3 billion, snatching the Best Global Brand title away from Coca-Cola for the first time in the history of the report according to The New York Times.

The Cupertino California company was in second place last year after it doubled its brand valuation from 2011. In 2013, Apple gained another 28% and was once again cited as a “Top Riser.” Interbrand cites several attributes that contributed to Apple’s success, including a strong presence in retail, explosive iOS device sales and future prospects like wearable computing devices along with new Mac products. The report mentioned the following regarding the matter:

Few brands have enabled so many people to do so much so easily, which is why Apple has legions of adoring fans, as evidenced by the record-breaking launch of the iPhone 5c/5s. For revolutionizing the way we work, play, and communicate—and for mastering the ability to surprise and delight—Apple has set a high bar for aesthetics, simplicity, and ease of use that all other tech brands are now expected to match, and that Apple itself is expected to continually exceed.

Following Apple was the company’s competitor, Google, which managed to jump 34% from last year to reach a brand valuation of $93.3 billion, a change that was only beaten by Facebook’s 43% growth. Coca-Cola which previously held the top spot for 13 years was bumped to third by the two tech monoliths despite growing 2% on the year. The beverage company is now just ahead of IBM with a valuation of $79.2 billion.

It should be noted that Interbrand employs a variety of metrics to decide its Best Global Brand index but requires each company generate 30% of revenue from outside its home region, have presence on at least three major continents as well as coverage in emerging markets, publicly available financials and a positive economic outlook. In addition to these requirements, the brand must have a public profile and awareness beyond its own market.